Indusland bank – After the US federal Reserve and its meeting with the projection of global slowdown, the stock markets around the world dipped. Fears of second wave of coronavirus caused covid-19 disease depressed the future Outlook. It also distressed the investors and production houses across the globe.
On Thursday, the sectoral indices ended in a downward position. Banks, pharma and metals acted as heavy weights in the markets. The biggest loser among the top stocks was State Bank of India which fell almost 6% even after confirming the plans to raise dollar 1.5 billion.
Indusland bank, on the other hand, performed extremely well. It is owned by the Hinduja group. The firm zoomed up for the fifth consecutive session. The news of promoters raising stake in the company acted as a support to the movement. It bagged the position of the biggest gainer in the Blue chip stocks with adding 26% gain in its value in just last one week. The share value increased by 4.49 percent to rupees 523. The promoters have applied to the Reserve Bank of India seeking permission to increase their holding in the bank from 14.6 8% to 26%. As per the rules laid down by the Reserve Bank of India, the promoters of private lenders are required to reduce their stake to 15% within 15 years of commencement of business. Indusland bank started its operations in 1994.